Scorpio Safety Systems Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC195782 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 August 2016

for

Scorpio Safety Systems Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

D D M Grubb

Mrs L R Grubb

SECRETARY:

Mrs L R Grubb

REGISTERED OFFICE:

45b West Bowling Green Street

Edinburgh

EH6 5NX

REGISTERED NUMBER:

SC195782 (Scotland)

ACCOUNTANTS:

Gibson McKerrell Brown LLP

Chartered Accountants

14 Rutland Square

Edinburgh

Midlothian

EH1 2BD

FIXED ASSETS

Tangible assets

2

30,570

5,917

CURRENT ASSETS

Stock and work in progress

4,500

Debtors

116,950

121,708

Cash at bank

32,225

12,308

153,675

138,516

CREDITORS

Amounts falling due within one year

3

97,160

96,633

NET CURRENT ASSETS

56,515

41,883

TOTAL ASSETS LESS CURRENT
LIABILITIES

87,085

47,800

CREDITORS

Amounts falling due after more than one
year

3

5,099

-

NET ASSETS

81,986

47,800

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

81,886

47,700

SHAREHOLDERS' FUNDS

81,986

47,800

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to
financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 2 March 2017 and were signed on its behalf by:

D D M Grubb - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover, which excludes value added tax, represents the invoiced value of services supplied. Turnover is

recognised as contract activity progresses and the right to consideration is earned. Turnover which has been

recognised but not invoiced by the balance sheet date is included in stock and work in progress.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on cost

Office equipment

-

10% on cost

Motor vehicles

-

20% on cost

Stocks

Stock and work in progress and work in progress are valued at the lower of cost and net realisable value, after

making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

68,704

Additions

37,191

Disposals

(17,187

)

At 31 August 2016

88,708

DEPRECIATION

At 1 September 2015

62,787

Charge for year

7,696

Eliminated on disposal

(12,345

)

At 31 August 2016

58,138

NET BOOK VALUE

At 31 August 2016

30,570

At 31 August 2015

5,917

3.

CREDITORS

Creditors include an amount of £ 9,806 for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.16

31.8.15

value:

£

100

Ordinary

£1

100

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2016 and

31 August 2015:

31.8.16

31.8.15

£

D D M Grubb

Balance outstanding at start of year

(220

)

(1,047

)

Amounts advanced

9,211

15,839

Amounts repaid

(9,500

)

(15,012

)

Balance outstanding at end of year

(509

)

(220

)

The loan is unsecured, has no set repayment terms and is interest free.